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Beltone to list new firm on Egypt bourse during H1-15

Beltone to list new firm on Egypt bourse during H1-15
Beltone Holding
BTFH
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In an exclusive statement to Mubasher, Alaa Saba, Chairman of Beltone Financial Holding said his company is planning to list a new company on the Egyptian Exchange (EGX) during the first half of 2015, as part of preparing share listings for three local firms.
The company, for which the IPO is planned, is still in the phase of financial and administrative restructuring which may take nearly six months, the top official added.
Saba declined to name these companies, the sectors they belong to, or the expected value of the IPOs.
Amer Group IPO was the last one managed by Beltone in November, 2010.
Some companies have announced plans to go public in Egypt’s stock exchange, such as property developer Emaar Misr, telecom firm Etisalat Misr, Egyptian Steel and Domty. Other companies like Nile Sugar, Arabia for Real Estate Development and Carbon Holding are considering the timing and method of their share listings.
Saba said his company is awaiting the approval of the Egyptian Financial Supervisory Authority (EFSA) on launching new investment fund, in addition to the real estate fund the company plans to launch in cooperation with Acumen for Financial Advisory, and a new fund with Misr Insurance.
Misr Insurance and Beltone kicked off on Monday a new investment fund with EGP 100 million capital.
The top official expected ETFs to be activated in the Egyptian market at the start of Q4-14 or early 2015. He added that Beltone plans to announce in the coming period the ETFs prospectus after obtaining the market regulator’s approval.
EFSA had recently endorsed Beltone’s prospectus after the market watchdog’s requirements were met.
Beltone targets injecting of EGP 5 million into Egypt’s first ETFs, which may be raised after the roadshow is completed.
The company will start the roadshow in London, US and GCC then in Egypt after posting the subscription prospectus, according to the Chairman.
Saba said Beltone is currently exploring opportunities to expand horizontally and vertically in the local market and region-wide, noting that Beltone is also interested in some African markets that showed solid growth rates.
He also added that his company is continuing efforts to seize attractive investment opportunities to acquire a financial services firm as part of an expansion plan.
(written by Amr Adel, translated by Sayed Abdel Rahman)